High times for high grade as SSAs learn to live with tough times

A barnstorming week for supranational and agency borrowers defied dicey conditions in peripheral sovereign markets and looks to have set the precedent for weeks to come, say SSA bankers. Investors have displayed a renewed resilience when considering new bond issues that was absent last year in the face of comparable volatility, write Ralph Sinclair, Jo Richards and Tessa Wilkie.

  • 01 Jun 2012

"The market won’t shut down like it did last year," said an SSA syndicate manager considering the prospect of a spate of holidays next week followed by Greek elections the week after in addition to the already poorly state of Spanish and Italian government debt markets.

Investors have grown ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,145.26 17 13.20%
2 Citi 9,541.01 14 9.58%
3 HSBC 8,956.42 10 8.99%
4 BNP Paribas 7,456.75 9 7.49%
5 SG Corporate & Investment Banking 7,166.56 9 7.19%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 16,139.62 36 11.33%
2 JPMorgan 14,079.05 31 9.88%
3 Barclays 10,277.94 21 7.21%
4 HSBC 9,651.51 20 6.78%
5 Deutsche Bank 9,608.67 21 6.75%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 24,013.12 43 10.22%
2 HSBC 17,211.08 44 7.33%
3 BNP Paribas 16,950.33 29 7.22%
4 Credit Agricole CIB 16,768.27 33 7.14%
5 Barclays 15,192.79 29 6.47%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 41,493.22 161 8.13%
2 HSBC 33,808.37 117 6.63%
3 Citi 31,911.03 89 6.26%
4 Barclays 30,500.85 91 5.98%
5 Deutsche Bank 25,450.03 69 4.99%